Edwin's Top 5 Tips to - buying IP interstate

Edwin's Top 5 Tips to - buying IP interstate

Looking for an investment property in one’s own, suburb or city can, in itself, be quite an overwhelming, and occasionally risky exercise. It is likely, however, that investors might feel more in-control with such an investment due to the proximity of the property.   So, what about when it comes to investing interstate?   Seasoned investors understand that distance can play a large challenge for them; they counteract this by relying on relationships with local and interstate experts.   Unseasoned property investors, however, can often end up in disastrous circumstances without this type of support behind their investment deals.   Consider these five tips for investing in property in another state.  

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  1. First and foremost, be sure that the agent, property marketer, or expert you are dealing with, is licensed to sell in the area and also licensed to spruik in your city. Consider the ‘mutual recognition’ of licenses, which (if you are not familiar) is when we, as agents, wish to act on behalf of interstate clients.  
  2. Don’t rely on glossy brochures and fancy powerpoint presentations alone. I have always stressed, and made a point of, always visiting the proposed area that people want to invest in.
  3. Get to know your future real estate professional. Remember, the local agent is going to assist you with tenants and ongoing leases. Nothing beats personal contact; No, surprisingly, not even snapchat, facebook or skype! Get up close and personal!  
  4. Compare the offer. Once again, the best starting point is the local real estate expert. It doesn’t hurt to ask what else is on offer in the area. You may be surprised by what you discover.  
  5. Don’t believe too much in the hype around offers presented at investment seminars. Trust me when I say that these are not the last jewels on the planet. Many opportunities come each day, the key is to be ready and be well prepared for when they come around. Research is at our fingertips. The flexibility and power of research can be accessed through our smart-communication devices. However, attending the area and connecting with people on the ground lowers the potential associated risks.  

Do not underestimate the importance and benefit of dealing with local real estate agents and licensed individuals. The more knowledge you have about the area, the better your chances are of making the right decision for your investment.

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